Shaw and Partners was pleased to be appointed as Sole Lead Manager and bookrunner to Australian Potash's capital raising

Australian Potash was seeking to raise approximately $8 million by way of a Placement of up to approximately 100 million new ordinary fully paid shares issued at $0.08 per security. The Placement was conducted in two tranches: Tranche 1 of up to 97.5 million new securities to raise approximately $7.8 million and Tranche 2 of up to 2.5 million new securities to raise approximately $0.2 million to be issued subject to shareholder Approval

The offer price of $0.08 per share represented a 30.4% discount to the last close of $0.11 per share.

The proceeds from the offer, together with $3 million of existing cash, will be used to advance its Lake Wells sulphate of potash project through to final investment decision target for the first quarter’s end next year. The company will put the money towards borefield drilling and test pumping, earthworks and site-based expenditure at Lake Wells, and for working capital.

The offer was available to Australian Sophisticated and Professional Investors only.

Australian Potash is an ASX-listed (ASX: APC) Sulphate of Potash (SOP) developer which holds tenure across three project areas in Western Australia’s north-Eastern Goldfields. Its flagship project is the Lake Wells Sulphate of Potash project.  www.australianpotash.com.au